Although the services they provide differ from business to business, most professional service firms operate under a similar structure and are subject to many of the same accounting and management concerns. DZH Phillips works closely with a number of advertising, marketing, and public relations firms; architects and engineers; attorneys; and consultants to provide assistance with partner accounting, governance, partner admission, buyouts, risk management, and partner tax planning.
It may be hard to believe, but the creative personalities that thrive at the best advertising, marketing, and public relations firms are not necessarily well-suited for accounting work. DZH Phillips can assist clients with the production of consistent monthly, quarterly, or annual financial and operational reports for the firm’s owners.
In a multi-owner setting, a transparent, agreed-upon governance structure is critical to the effective management of the firm. We have helped many professional service firms, including some of the Bay Area’s busiest architectural and engineering firms, to design a governance structure that ensures proper management and allocation of responsibility, while promoting a creative and cohesive working environment.
DZH Phillips assists law firms with the special accounting, management, and tax planning needs inherent in a multi-owner environment. Our work with law firms often includes designing a measurable and clear partner admission document that addresses the valuation and funding issues surrounding an equity partnership. We also have helped our clients structure and implement a pre-funded or partially pre-funded owner buyout program, as well as establish or modify retirement plans to allow larger contributions from partners.
Consultants tend to be an independent lot, and they know a bit about risk. DZH Phillips is the preferred choice of many consulting firms because of the depth of our offerings and the knowledge and professionalism of our staff. Through our strategic partners, we offer a range of risk management services, including partner life and disability programs, errors and omissions insurance and general business insurance.
At DZH Phillips, we have established relationships with a wide array of knowledgeable industry sources and maintain contact with private equity investors, lenders and industry participants to stay abreast of the issues and trends that could impact our clients’ businesses. We maintain membership in a number of industry associations, and actively seek to expand our knowledge of best practices in ways that will bring value to our clients.